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Associated Press

JUNEAU- An Anchorage bank has purchased a Juneau building from the University of Alaska Southeast.

First National Bank of Anchorage on Monday completed the $3.1 million purchase of the Bill Ray Center.

UAS Chancellor John Pugh says a nursing program and the cooperative extension service will be able to lease space in the building for at least the next year while they decide whether they want to stay longer.

The proceeds will mostly go for a second phase of a new 120-bed residence hall on the UAS campus in Juneau.

The building is named after former legislator Bill Ray, who died last week. The bank says there's no immediate plans to change the building's name.